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Fanning Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,905. 4. Depreciation on manufacturing equipment-$5,269. 5. Depreciation on administrative equipment-$1,740. Fanning sold 1,140 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold

Fanning Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,905. 4. Depreciation on manufacturing equipment-$5,269. 5. Depreciation on administrative equipment-$1,740. Fanning sold 1,140 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fanning Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,905. 4. Depreciation on manufacturing equipment-$5,269. 5. Depreciation on administrative equipment-$1,740. Fanning sold 1,140 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. b. C. Total product cost Total cost of ending inventory Total cost of goods sold
Transcribed Image Text:Fanning Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,905. 4. Depreciation on manufacturing equipment-$5,269. 5. Depreciation on administrative equipment-$1,740. Fanning sold 1,140 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. b. C. Total product cost Total cost of ending inventory Total cost of goods sold
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